Bank Loan Calendar: $33.721 billion deals being marketed

May 2 week

VECTRA CO.: Bank meeting 1 p.m. ET on May 2; $450 million first-lien term loan due Oct 28, 2021 (Ba3/B); Libor plus 600 bps, 1% Libor floor, OID 89; 101 soft call protection through Oct. 28, 2016; Credit Suisse Securities (USA) LLC; help fund the buyout of Vectra by Apollo Global Management Group; Vectra, formerly OM Group, is a Cleveland-based technology-driven diversified industrial company; borrowing entity will be Duke Finance, LLC; commitments due May 12.

Upcoming Closings

AMERICAN AIRLINES GROUP INC.: $1 billion seven-year term B (Ba1/BB+) increased from talked at Libor plus 275 bps, 0.75% Libor floor, OID 99.25 (revised from 99), 101 soft call for six months; Barclays, Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, BNP Paribas, Credit Agricole, ICBC and US Bank; repay term B-2 due in 2016 and general corporate purposes; Fort Worth airline company.

ATI PHYSICAL THERAPY: $930 million senior secured credit facility; Barclays, HSBC and Jefferies; $70 million five-year revolver (B1/B); $635 million seven-year first-lien term loan (B1/B) talked at Libor plus 500 bps, 1% Libor floor, OID 98 to 99, 101 soft call for six months; $225 million eight-year privately placed second-lien term loan (CCC+); help fund buyout by Advent International from KRG Capital Partners; Bolingbrook, Ill., outpatient physical therapy provider; deadline 5 p.m. ET April 29, moved ahead from May 5.

BLUE RIBBON, LLC (PABST): $135 million incremental term loan due Nov. 13, 2021, fungible with existing term loan; UBS (left lead); price talk Libor plus 450 bps at 99.5; 1% Libor floor; 101 soft call for six months; to repay second-lien term loan; Los Angeles-based brewing company; commitments and consents due May 5.

BROCADE: $900 million five-year senior secured credit facility (BB+); Wells Fargo, Deutsche Bank and SunTrust; $100 million revolver talked at Libor plus 150 bps; $800 million term A talked at Libor plus 150 bps; help fund acquisition of Ruckus Wireless Inc.; San Jose, Calif., provider of networking solutions.

CABLE & WIRELESS COMMUNICATIONS PLC: $1.37 billion credit facility; Bank of America, Goldman Sachs, Scotiabank, BNP Paribas, Citigroup, Credit Suisse, ING and RBC; $440 million seven-year covenant-light term B-1 (Ba2/BB-) at Libor plus 475 bps, 0.75% Libor floor, OID 98, 101 soft call; $360 million seven-year covenant-light term B-2 (Ba2/BB-) at Libor plus 475 bps, 0.75% Libor floor, OID 98, 101 soft call; $570 million revolver; refinance notes and revolvers, and fund a special dividend in connection with acquisition by Liberty Global plc; London-based telecommunications company.

CISION: $1.1 billion seven-year term loan B (B1/B+); Deutsche Bank (left books), Barclays and RBC (joint books); pricing Libor plus 575 bps, 1% Libor floor at 98.00, 101 soft call for six months; to help fund acquisition of PR Newswire from UBM plc; Chicago-based media intelligence company; commitments due May 11; commitments due noon ET May 12.

DIEBOLD INC.: Roughly $2.4 billion credit facility (Ba2/BB-); JPMorgan and Credit Suisse; $1 billion seven-year covenant-light B at Libor plus 450 bps, 0.75% floor, OID 99, 101 soft call; €350 million seven-year covenant-light B at Euribor plus 425 bps, 0.75% floor, OID 99, 101 soft call; $230 five-year million term A; $250 million five-year delayed-draw term A; $520 million five-year revolver; help fund acquisition of Wincor Nixdorf AG; North Canton, Ohio, provider of self-service delivery, value-added services and software primarily to the financial industry.

KINDERCARE EDUCATION, LLC (formerly known as KNOWLEDGE UNIVERSE): $50 million tack-on to the Libor plus 500 bps first-lien term loan due Aug. 13, 2022 (B1/B) increased from $25 million; Credit Suisse Securities (USA) LLC; pricing Libor plus 500 bps with a step-down (same as existing loan) with a 1% Libor floor at 98.51, 101 soft call through August 2016 (same as existing loan); to fund the early buyout of leases on closed properties; for-profit provider of early childhood education in the United States and the parent company of KinderCare Learning Centers, as well as the brands Children’s Creative Learning Centers and Champions; tack-on term loan will become fungible with the existing $642 million loan.

KONECRANES TEREX PLC: $1.6 billion credit facility (Ba2/BB+); Credit Suisse, Citigroup, Commerzbank, Credit Agricole and Nordea Bank; $900 million-equivalent seven-year term loan B (split into $355 million and €500 million tranches) at Libor plus 375 bps, 0.75% floor, OID 98; 101 soft call; $700 million multi-currency revolver; help fund merger of Terex Corp. and Konecranes plc and refinance existing debt; diversified equipment manufacturer and lifting solutions.

MCGRAW-HILL GLOBAL EDUCATION HOLDINGS LLC: MCGRAW-HILL GLOBAL EDUCATION HOLDINGS LLC: $1.925 billion credit facility (Ba3/BB-) upsized from $1.655 billion; Credit Suisse, Morgan Stanley, BMO, Barclays, Goldman Sachs, Jefferies, RBC and Wells Fargo; $350 million five-year revolver; $1.575 billion six-year first-lien covenant-light term loan talked at Libor plus 400 bps (revised from 475 bps), 1% Libor floor, OID 99.5 (from 99), 101 soft call for six months, upsized from $1.305 billion; refinance existing debt, merge McGraw-Hill School Education into the McGraw-Hill Global Education credit group and fund a dividend; New York-based provider of education materials.

MICRON TECHNOLOGY INC.: $750 million six-year senior secured term B (Baa2/BBB-) at Libor plus 600 bps, OID 99, 101 soft call for six months; Morgan Stanley, Citigroup, HSBC and JPMorgan; general corporate purposes; Boise, Idaho, semiconductor company.

MKS INSTRUMENTS INC.: $830 million senior secured credit facility; Barclays (left on term loan) and Deutsche Bank (left on revolver); $780 million seven-year covenant-light term B (Ba2/BB) at Libor plus 400 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; $50 million five-year ABL revolver; help fund acquisition of Newport Corp.; Andover, Mass., provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes.

NBTY INC.: New credit facility; Bank of America, Barclays, Credit Suisse, Morgan Stanley, UBS, Jefferies and Mizuho; $1.33 billion covenant-light term B (B1/B+) downsized from from $1.4 billion talked at Libor plus 400 bps (revised from 425 bps to 450 bps), 1% Libor floor, OID 99.5 (from 98.5 to 99), 101 soft call for six months; £350 million covenant-light term B (B1/B+) upsized from £300 million; $400 million asset-based credit facility; help refinance existing debt; Ronkonkoma, N.Y., manufacturer, marketer, distributor and retailer of vitamins and nutritional supplements.

NOVOLEX: $475 million incremental term loan at Libor plus 500 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; Antares Capital and CPPIB; help fund the acquisition of the Heritage Bag Co. and repay second-lien term loan; Hartsville, S.C., provider of paper and plastic flexible packaging products.

PREMIERE GLOBAL SERVICES INC.: $600 million credit facility; Barclays, SunTrust and Macquarie; $50 million five-year revolver; $550 million six-year first-lien term loan at Libor plus 650 bps, 1% Libor floor, OID 94, 101 soft call; refinance debt that was put in place to fund the buyout of the company by Siris Capital Group LLC in December; Atlanta-based provider of collaboration software and services.

PROTECTION 1 (PRIME SECURITY SERVICES BORROWER LLC): $1.81 billion incremental senior secured credit facility (Ba2/BB-); Barclays, Citigroup, Deutsche Bank and RBC; $255 million five-year revolver; $1.555 billion six-year covenant-light first-lien term loan at Libor plus 450 bps, 1% Libor floor, OID 99, 101 soft call; help fund buyout of ADT Corp. by Apollo Funds and merger with Protection 1; full-service business and home security company.

PVH CORP.: $587 million add-on senior secured term A talked at Libor plus 150 bps; Barclays, Bank of America, Citigroup, JPMorgan and RBC; refinance term B; New York-based apparel company.

QUIKRETE COS.: $168 million add-on first-lien covenant-light term loan due September 2020 talked at Libor plus 300 bps, 1% Libor floor, OID 99.75 (from 99.5); Wells Fargo; repay second-lien term loan debt; Atlanta-based manufacturer of packaged concrete and related products.

QUORUM HEALTH CORP.: $1.105 billion secured credit facility; Credit Suisse; $100 million five-year revolver (B1/B); $880 million six-year first-lien term loan (B1/B) at Libor plus 575 bps, 1% Libor floor, OID 98, 101 soft call for six months; $125 million ABL revolver; help fund spin-off from Community Health Systems Inc. and general corporate purposes; Brentwood, Tenn., operator and manager of general acute care hospitals and outpatient services.

RISK STRATEGIES CO.: $15 million add-on first-lien term loan talked at Libor plus 525 bps, 1% Libor floor, OID 99; Macquarie, Antares Capital and Golub; help fund acquisitions; Boston-based insurance and benefits brokerage and risk management firm.

RUSSELL INVESTMENTS: $700 million credit facility (Ba2/BB/BB); Barclays, Macquarie and Credit Suisse; $50 million five-year revolver; $650 million seven-year term B talked at Libor plus 450 bps to 475 bps, 1% Libor floor, OID 98.5, 101 soft call for six months; help fund buyout by TA Associates and Reverence Capital Partners from London Stock Exchange Group plc; Seattle, Wash., asset manager.

SAMSONITE: $2.425 billion senior credit facility (Ba2/BBB-); Morgan Stanley, HSBC, SunTrust, MUFG, Barclays, Citizens Capital, ING, Fifth Third and Bank of China; $500 million five-year revolver talked at Libor plus 275 bps; $1.25 billion five-year term A talked at Libor plus 275 bps; $675 million seven-year term B at Libor plus 325 bps, 0.75% Libor floor, OID 99.5, 101 soft call for six months; help fund acquisition of Tumi Holding Inc. and refinance existing bank debt; Hong Kong-based manufacturer of bags and luggage.

SITEONE LANDSCAPE SUPPLY: $250 million six-year first-lien term loan (B2/BB-) talked at Libor plus 600 bps, 1% Libor floor, OID 98, 101 soft call for six months; UBS; refinance existing debt and fund a dividend; Roswell, Ga., distributor of wholesale irrigation, landscape lighting, nursery, hardscapes, maintenance products and supplies.

TRUGREEN HOLDINGS INC.: $706 million credit facility (B1/B); JPMorgan, Credit Suisse, ING, Natixis, Rabobank and Goldman Sachs; $146 million revolver; $560 million term B at Libor plus 550 bps, 1% Libor floor, OID 98.5, 101 soft call; also $200 million privately-placed second-lien term loan; help fund merger with Scotts LawnService; Memphis, Tenn., lawn care company.

WESTERN DIGITAL CORP.: $9.875 billion credit facility (Ba1/BBB-/BBB-); JPMorgan, Bank of America, Mizuho, Credit Suisse, MUFG, HSBC, Citigroup, Sumitomo and RBC; $1 billion five-year revolver; $4.125 billion five-year term A; $3.75 billion seven-year term B at Libor plus 550 bps, 0.75% Libor floor, OID 97, 101 soft call; $1 billion euro-equivalent seven-year term B at Euribor plus 525 bps, 0.75% floor, OID 97.5, 101 soft call; help fund acquisition of SanDisk Corp. and refinance existing debt; Irvine, Calif., developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content.

On The Horizon

AMC ENTERTAINMENT HOLDINGS INC.: $325 million incremental senior secured term B due Dec. 15, 2022 expected at Libor plus 325 bps, 0.75% Libor floor, 101 soft call for six months; Citigroup; help fund acquisition of Carmike Cinemas Inc.; Leawood, Kan., movie exhibitor.

CARDCONNECT CORP.: $140 million senior credit facility; $100 million first-lien credit facility committed by BMO; $40 million second-lien secured credit facility committed by Babson Capital; help fund acquisition by FinTech Acquisition Corp.; King of Prussia, Pa., payment processing and technology solutions provider.

COHERENT INC.: $850 million senior secured credit facility; Barclays and Bank of America; $100 million five-year revolver expected at Libor plus 425 bps; $375 million seven-year covenant-light term B expected at Libor plus 475 bps, 1% Libor floor, 101 soft call for six months; $375 million-equivalent euro denominated seven-year covenant-light term B expected at Libor plus 475 bps, 1% Libor floor, 101 soft call for six months; help fund acquisition of Rofin-Sinar Technologies Inc.; Santa Clara, Calif., provider of lasers and laser-based technology for scientific, commercial and industrial customers.

DELL INC.: $20.5 billion credit facility; JPMorgan, Credit Suisse, Bank of America, Barclays, Citigroup, Goldman Sachs, Deutsche Bank and RBC; $3 billion five-year revolver talked at Libor plus 200 bps; $3.5 billion three-year term A-1 talked at Libor plus 200 bps; $3.5 billion five-year term A-2 talked at Libor plus 225 bps; $8 billion seven-year term B, 101 soft call for six months; $2.5 billion 364-day term cash flow facility; help fund acquisition of EMC Corp.; Round Rock, Texas, technology and services company.

DIALOG SEMICONDUCTOR: $2.1 billion seven-year covenant-light term loan (Ba2/BB) expected at Libor plus 325 bps, 0.75% Libor floor; Morgan Stanley; help fund acquisition of Atmel Corp.; London-based provider of highly integrated standard and custom mixed-signal integrated circuits.

DYNEGY INC./ENERGY CAPITAL PARTNERS JOINT VENTURE: Up to $1.85 billion secured term loan; help fund acquisition of ENGIE’s United States fossil portfolio in connection with formation of joint venture; portfolio consists of 8,731 megawatts of generation capacity located in ERCOT, PJM, and ISO-New England.

EXAMWORKS GROUP, INC.: Debt financing from BofA Merrill Lynch, Barclays and Deutsche Bank Securities Inc. to help fund acquisition by Leonard Green & Partners, LP for $2.2 billion; Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, case management, and related services.

FIRSTLIGHT FIBER: New debt financing; TD Securities and Citizens Bank; help fund buyout by Oak Hill Capital Partners from Riverside Partners; Albany, N.Y., fiber-optic bandwidth infrastructure services provider.

FORMFACTOR INC.: $150 million five-year senior secured term loan expected at Libor plus 200 bps; HSBC, MUFG, Comerica Bank and Silicon Valley Bank; help fund acquisition of Cascade Microtech Inc.; Livermore, Calif., provider of wafer test technologies and expertise.

J.D. POWER: New credit facility; Credit Suisse; help fund buyout by XIO Group from McGraw Hill Financial Inc.; Costa Mesa, Calif., consumer data and analytics company.

LEIDOS HOLDINGS INC./ABACUS INNOVATIONS CORP.: Roughly $3.281 billion senior secured credit facilities; Citigroup, MUFG, Bank of America, JPMorgan and Goldman Sachs; $750 million five-year revolver at Leidos; $690 million five-year term A at Leidos; $400 million three-year term A at Abacus; $310 million five-year term A at Abacus; roughly $1.131 billion seven-year term B at Abacus; pay a special dividend to Leidos stockholders and make a special cash payment to Lockheed Martin Corp. in connection with merger of Leidos with Lockheed’s realigned Information Systems & Global Solutions business (Abacus); Reston, Va., provider of technology and sector expertise to customers in national security, health, and engineering.

LEXMARK INTERNATIONAL INC.: $1.14 billion in senior term loans; Bank of China and China CITIC Bank; also $443 million in term loans at Parent; help fund buyout by a consortium of investors led by Apex Technology Co. Ltd. and PAG Asia Capital; Lexington, Ky., creator of enterprise software, hardware and services that remove the inefficiencies of information silos and disconnected processes.

MERCURY SYSTEMS INC.: $275 million senior secured credit facility; Bank of America, Citigroup, KeyBanc and SunTrust; $75 million revolver expected at Libor plus 300 bps; $200 million term A expected at Libor plus 300 bps; help fund acquisition of Microsemi Corp.’s embedded security, RF and Microwave, and custom microelectronics businesses; Chelmsford, Mass., commercial provider of secure processing subsystems.

MITEL NETWORKS CORP.: $1.085 billion credit facility; Bank of America; $1.05 billion six-year term loan expected at Libor plus 500 bps, 1% Libor floor, 101 soft call; $35 million five-year revolver expected at Libor plus 500 bps; help fund acquisition of Polycom Inc. and refinance credit facilities; Kanata, Ont., provider of cloud- and premises-based unified communications software solutions.

MTS SYSTEMS CORP.: $490 million credit facility; JPMorgan; $100 million five-year revolver expected at Libor plus 400 bps; $390 million seven-year covenant-light term B expected at Libor plus 475 bps, 1% Libor floor, 101 soft call; help fund acquisition of PCB Group Inc.; Eden Prairie, Minn., supplier of high-performance test systems and position sensors.

NEXEO SOLUTIONS HOLDINGS LLC: $1.205 billion credit facility; Bank of America, Jefferies and Deutsche Bank; $630 million term loan; $575 million ABL revolver; help fund acquisition by WL Ross Holdings Corp.; Houston-based distributor of chemicals and plastics and provider of environmental services.

NEXSTAR BROADCASTING GROUP INC.: $3.295 billion senior secured credit facility; Bank of America, Credit Suisse, Deutsche Bank, SunTrust, Barclays and Wells Fargo; $175 million five-year revolver expected at Libor plus 325 bps; $270 million five-year term A expected at Libor plus 325 bps; $2.85 billion seven-year covenant-light term B expected at Libor plus 425 bps, 1% Libor floor, 101 soft call for six months; also $250 million 18-month senior secured short-term term facility expected at Libor plus 325 bps; help fund acquisition of Media General Inc.; Irving, Texas, diversified media company.

NEW FLYER INDUSTRIES INC.: $825 million four-year senior secured credit facility; Bank of Nova Scotia and BMO; $343 million revolver; $482 million term loan; fund acquisition of Motor Coach Industries International Inc. from KPS Capital Partners LP and refinance existing credit facilities; Winnipeg-based manufacturer of heavy-duty transit buses.

VERISK ANALYTICS, INC.: $455 million debt financing; UBS; financing for the acquisition of Verisk's health care unit by Veritas; syndication expected in May; closing expected in June.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.